The Spanish side have reportedly offered an eye-watering £105m for the Tottenham Hotspur star, but Davies feels that Bale has not yet made his mark at an elite level.
"Those two have been performing at the highest level for years and show no sign of letting up. I never thought I'd see the day when a footballer was valued at £100m.
"There is a huge question mark currently hanging over Bale's future at Spurs. There is no doubting Tottenham star Gareth Bale was scintillating last season and deservedly picked up both PFA awards."
Bale enjoyed an impressive season for Tottenham in 2012-13, winning both the PFA Player and Young Player of the Year award en route to scoring 21 goals in the Premier League.